RTTNews | Jan 12, 2021 10:25AM EST

10:25 Tuesday, January 12, 2021 (RTTNews.com) - Shares of Albertsons Companies, Inc. (ACI) are rising almost 4 percent or $0.62 in Tuesday's morning trade at $17.37, after hitting a new 52-week high of $18.24 as the food and drug retailer's third-quarter results beat analysts' estimates and it raised its financial outlook for fiscal 2020.

Tuesday, Albertsons said its third-quarter net income surged to $123.7 million or $0.20 per share from $54.8 million or $0.09 per share in the prior-year quarter. Adjusted earnings were $0.66 per share, compared to $0.24 per share last year. Sales and other revenue grew to $15.41 billion from $14.10 billion in the year-ago period, reflecting 12.3 percent growth in identical sales.

On average, analysts polled by Thomson Reuters had a consensus estimate for earnings of $0.42 per share for the quarter on revenue of $15.34 billion.

For fiscal 2020, Albertsons now projects identical sales growth of about 16.5 percent, compared to its earlier forecast for growth of at least 15.5 percent. The company now forecast adjusted earnings per share in a range of $3.05 to $3.15 per share, up from the prior range of $2.75 to $2.85 per share. The Street expects earnings of $2.78 per share for the year.

Albertsons has traded in a range of $12.91 to $18.24 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3159860/stock-alert-albertsons-hits-new-52-week-high-on-upbeat-q3-results-outlook.aspx)

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